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HONG KONG, Aug. 26, 2024 /PRNewswire/ -- Peijia Medical (HKG:9996), a leading Chinese domestic player in the high-growth transcatheter valve therapeutics and neurovascular interventions markets, announced financial results for the six months ended June 30, 2024 ("the period") on August 23, 2024. Financial Highlights During the period, the Company recorded an operating revenue of RMB 301.2 million, representing an increase of 33.9% period-over-period. The increase in revenue was mainly attributable to: (i) continued commercialization and expanded market share gains among transcatheter aortic valve replacement ("TAVR") products throughout China; (ii) the surged sales volume of coil products as a direct result of winning bids in volume-based procurements across multiple provinces; (iii) The rapid market penetration of our ischemic products, characterized by their differentiated design features such as the Syphonet Stent Retriever and Fastunnel Delivery Balloon Catheter; and (iv) the successful launch of DCwire Micro Guidewire which quickly gained market recognition for its outstanding performance. During the period, the Company recorded a gross profit of RMB 218.9 million, representing an increase of 26.5% period-over-period. Gross profit margin remained robust at 72.7%. Expense ratios decreased notably company-wide as a result of larger economic scale and improved operational efficiency with selling and distribution, administrative, and R&D expense ratios decreasing by 26.2, 7.0, and 42.8 percentage points, respectively. Loss for the first half of 2024 was RMB 71.3 million, a 66.4% improvement when compared to RMB 212.3 in the prior year period. "Peijia once again capitalized on its opportunity to generate strong growth through our experienced sales and marketing team and overall commercial execution," said Dr. Yi Zhang, Chairman and CEO of Peijia Medical. "We are currently at or exceeding our guidance for both of our segments and have seen strong results in our efforts to reduce expenses across the business. Our portfolio development initiatives remain robust with product launches and multiple clinical trial enrollments creating positive momentum. We are excited to continue to expand the Company's TAVR market share and maintain profitability within the Neurointerventional business into the second half of the year." Full Year 2024 Guidance: The Company is reiterating full year 2024 estimates of reaching 23%-27% share of the domestic China transfemoral TAVR market and of achieving at least 35%-45% year-over-year revenue growth in the Neurointerventional Business. Financial and Business Results by Segment: Transcatheter Valve Therapeutic ("TVT") Business: Market Share Expansion and New Product Development During the period, the TVT Business recorded revenue of RMB 130.3 million, representing an increase of 21.0% period-over-period. Gross profit in the TVT segment was RMB 106.6 million, an increase of 13.7% period-over-period. Selling and distribution expense ratio decreased significantly by 34.0 percentage points period-over-period, due to continuous growth in sales scale and a leap in sales team efficiency. Commercial losses thereby, reduced by 92.4% to RMB 2.5 million, with profitability on the horizon. Furthermore, as the patient enrollment of major pivotal trials was completed and management operations continued to be optimized, the R&D and administrative expense ratios improved period-over-period, decreasing by 80.4 and 7.1 percentage points, respectively. Segment loss for the first half of 2024 was RMB 124.5 million, a 45.5% improvement when compared to a segment loss of RMB 228.3 in the prior year period. Growth in Peijia's TVT business was driven by another period of share gains in the China TAVR market and increases in terminal implant volumes of the Company's products. During the period, Peijia products were placed in over 100 new hospitals, bringing total penetration to more than 580 facilities. Implant volumes for the period totaled approximately 1,750 units, an increase of 40% period-over-period, and more than double the market growth rate of 20%. Additionally, Peijia estimates that it holds approximately 25% of the transfemoral TAVR market share in China, in line with the Company's guidance to achieve market share between 23-27% for the full year 2024. During the period, Peijia successfully completed patient enrollment in three pivotal trials for TaurusNXT, TaurusTrio (the in-licensed JenaValve Trilogy Transcatheter Heart Valve System, which was announced to be acquired by Edwards Lifesciences in July 2024) and GeminiOne, each of which demonstrated R&D progress towards durability-enhanced TAVR, aortic regurgitation (AR) treatment, and domestic TEER treatment for mitral regurgitation, respectively. Additionally, the Company made continued upgrades on the existing TAVR product portfolio to create a comprehensive and precise treatment range for patients. Product developments included a small size TAVR specification for smaller anatomy patients and the enhanced TaurusMax TAVR product, an iteration of the TaurusElite, which provides for enhanced visualization in patients with challenging anatomy. Peijia received the NMPA approval for the TaurusMax TAVR system in August 2024. Neurointerventional ("NI") Business: Strong Revenue Growth and Profitable First Half During the period, the NI Business recorded revenue of RMB 170.9 million, representing growth of 45.9% over the prior year period. Revenue was balanced between hemorrhagic, ischemic, and vascular access products, accounting for 32.3%, 34.4% and 33.2% of the segment's revenue, respectively. Growth was driven primarily by market penetration and sales volume increase across the entire NI Portfolio. During the period, Peijia also saw benefits from the opening of newly constructed national stroke centers in China, creating widespread awareness and accessibility to neurointerventional procedures in conjunction with Peijia's marketing efforts to increase NI professional education. Additionally, volume-based procurement policy implementation contributed to NI market penetration with Peijia's coil products seeing a notable surge in sales in provinces where bids were won. The segment's gross profit margin was 65.7%, a decrease of 1.9% period-over-period. Expense ratios for selling and distribution, administrative, and R&D decreased by 13.8, 4.0, and 4.8 percentage points period-over-period, respectively. Neurointerventional profit for the first half of 2024 was RMB 28.7 million. The Company anticipates the Neurointerventional Business will remain profitable for the remainder of fiscal 2024. About the Company Peijia Medical (9996.HK) was established in 2012 and is headquartered in Suzhou, China. Peijia Medical focuses on the high-growth interventional procedural medical device market in China and aims to become a world-renowned medical device platform that provides comprehensive treatment solutions for structural heart and neurovascular diseases. The Company now has three TAVR systems and sixteen neurointerventional devices commercialized in China and various innovative product candidates at different stage of development. For more information about Peijia visit peijiamedical.com/about.
SHENZHEN, China, Aug. 23, 2024 /PRNewswire/ -- UTime Limited (NASDAQ: WTO) ("UTime" or the "Company") is pleased to announce its plans to participate in a series of internationally recognized medical fairs and medical conferences. These forthcoming events will provide a valuable opportunity for UTime to showcase its latest achievements in medical devices and solutions and to enhance its communication and partnerships within the global medical industry. At the upcoming MEDICA in Düsseldorf, Germany, one of the world's most influential medical trade fairs for medical technology and devices, UTime plans to exhibit its latest innovations in medical monitoring devices and smart diagnostic tools. The Company's exhibition booth aims to highlight its pioneering practices across the entire value chain of medical technology products. In addition to MEDICA, UTime plans to attend the Cardiology Society Conference, Sleep Conference, and Hypertension Conference in the United States. These conferences gather leading medical experts and scholars, offering UTime not only a platform to present its technological advancements to the industry but also an excellent opportunity to learn and derive insights from global peers. These planned participations underscore UTime's ongoing commitment to influencing the global medical and healthcare landscape and demonstrate the Company's mission to enhance human health through technological innovation. UTime also intends to explore potential collaborative projects with various international healthcare organizations and research institutes, particularly in the areas of telemedicine and the application of artificial intelligence in healthcare. Through these international collaborations, the Company aims to accelerate the global rollout of its products, ultimately benefiting patients worldwide. About UTime Limited UTime is committed to transforming health and wellness through innovative medical wearable technologies. By leveraging cutting-edge research and strategic partnerships, UTime aims to provide effective solutions for disease prevention and health management on a global scale. For more information, visit the Company's website at http://www.utimeworld.com/. Forward-Looking Statements Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors discussed in the "Risk Factors" section of the Company's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on July 30, 2024. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. For more information, please contact:Eaky Taneaky@westock.com
HO CHI MINH CITY, Vietnam, Aug. 23, 2024 /PRNewswire/ -- HR Asia, the leading publication in the human resources industry, announces the winners of its prestigious HR Asia Best Companies to Work for in Asia 2024 - Vietnam awards. This year, a total of 130 outstanding companies have been recognized for their exemplary HR practices, showcasing their commitment to fostering a vibrant and diverse workplace environment. Congratulations to the winners of the 2024 Vietnam HR Asia Best Companies to Work for in Asia Under the theme of "The Definitive Z Choice", the winners reflect the challenges and opportunities presented by the influx of Gen-Z or Zoomer, creating a multi-generational workforce. These companies have not only demonstrated exceptional prowess in hiring and retaining young talent, but also in creating a workplace culture that values diversity, collaboration, and continuous innovation setting a benchmark for others in the industry. The surge in nominations underscores the growing prominence of workplace excellence in the region with 704 companies competing for recognition, showcasing a keen desire to stand out as leaders in employee satisfaction, welfare, and development. 53,250 survey participants shared their invaluable insights and experiences, providing a comprehensive overview of the workplace landscape in Vietnam. Their contributions not only reflect a deep-rooted commitment to enhancing workplace environments but also highlight the significance of employee voice in shaping organisational culture and practices. "With an ever-growing number of Zoomers entering the workforce, there comes a number of challenges for human resources," said William Ng, group publisher of HR Asia. "The life experiences and expectations of the younger generation are entirely different from the previous generations, potentially creating discord in the workplace. It is good to see that a larger number of organisations in Vietnam are actively mitigating potential issues and recording higher employee satisfaction by championing inclusivity along with actively listening to their needs." 2024 sees a new category HR Asia Sustainable Workplace Awards being introduced to reflect the organisation's unwavering commitment to environmental responsibility and sustainable business practices. The HR Asia Diversity, Equity, and Inclusion Awards seek to recognise organisations that have made significant strides towards creating diverse and inclusive workplaces. In turn, The HR Asia Most Caring Company Awards recognise organisations that have demonstrated exceptional care for their employees, particularly during difficult times. The HR Asia Best Companies to Work for in Asia 2024 - Vietnam award winners have shown an unwavering dedication to employee satisfaction, welfare, and development. These organisations have set the standard for others to follow by fostering a positive work environment that promotes growth and excellence. The awards ceremony celebrated the achievements of the 19 Gold winners, each of whom has received the awards for five consecutive years or more. These exemplary organisations have consistently demonstrated their dedication to creating and sustaining an outstanding workplace environment. The distinguished Gold winners for HR Asia Best Companies to Work for in Asia 2024 - Vietnam are AEON Vietnam Company Limited, AIA (Vietnam) Life Insurance Company Limited, Amway Vietnam Co., Ltd, Asia Commercial Bank (ACB), Avery Dennison, BaoViet Life Corporation, Chubb Life Insurance Vietnam Company Limited, Coach Vietnam Company Limited, Coca-Cola Beverages Vietnam, DatVietVAC Group Holdings, Deloitte Vietnam, DKSH Vietnam, FWD Vietnam Life Insurance Company Limited, Ho Chi Minh City Development Joint Stock Commercial Bank, Manulife (Vietnam) Limited, OPSWAT, Piaggio Vietnam Co., Ltd, Sun Group, and Vietnam Technological and Commercial Joint Stock Bank (Techcombank). The award covers fifteen markets across the region including mainland China, Cambodia, Hong Kong, Indonesia, India, Japan, Korea, Macau, Malaysia, Philippines, Singapore, Taiwan, Thailand, United Arab Emirates, and Vietnam, making this the largest recognition program and survey in the region for employee engagement. For more information about the HR Asia Best Companies to Work for in Asia 2024 - Vietnam awards and a complete list of winners, please visit https://hr.asia/awards/ LIST OF WINNERS OF HR ASIA BEST COMPANIES TO WORK FOR IN ASIA 2024 (VIETNAM EDITION) IN ALPHABETICAL ORDER: AEON Vietnam Company Limited AIA (Vietnam) Life Insurance Company Limited Ajinomoto Vietnam Co., Ltd Amway Vietnam Co., Ltd AMY GRUPO An Cuong Wood - Working Joint Stock Company An Du Netpayment Corp., Ascott International Management Vietnam Co., Ltd Asia Commercial Bank (ACB) ATAD SteeL Structure Corporation Avery Dennison Avis Vietnam AZB Joint Stock Company B. Braun Vietnam Co., ltd Bac A Commercial Joint Stock Bank Ban Thach Construction Investment Corporation BaoViet Life Corporation BenThanh Tourist Service Corporation Beiersdorf Vietnam Binh Minh Plastics Joint Stock Company Cargill Vietnam Limited Carlsberg Vietnam Chubb Life Insurance Vietnam Company Limited CIMB Bank Vietnam Coach Vietnam Company Limited Coca-Cola Beverages Vietnam Crystal International Group Limited Dan On Foods Corporation Danieli Vietnam (Industrielle Beteiligung Co., Ltd.) DatVietVAC Group Holdings De Heus Vietnam DEEP C Industrial Zones Deloitte Vietnam Development Investment Construction Joint Stock Company DKSH Vietnam DOJI Gold & Gems Group DRAEXLMAIER Automotive Vietnam Joint Stock Company E.SUN Bank Dong Nai Branch EQuest Education Group Far Eastern Apparel (Vietnam) Limited Far Eastern Polytex (Viet Nam) Limited FedEx Express Vietnam Fortune Vietnam Joint Stock Commercial Bank Fujifilm Vietnam Company Limited FWD Vietnam Life Insurance Company Limited Gameloft Vietnam Gap Inc. GELEX Group Joint Stock Company GeoComply GlaxoSmithKline Consumer Healthcare Vietnam (Haleon Vietnam) GroupM Vietnam Hanwha Life Vietnam Ho Chi Minh City Development Joint Stock Commercial Bank Ho Chi Minh City Securities Corporation (HSC) Home Credit Vietnam Huawei Technologies (Vietnam) Co., Ltd IGC Group Indochina Beach Hotel JSC - Furama Resort Danang IPP Travel Retail (Duy Anh Trading Joint Stock Company) Johnson & Johnson (Vietnam) Co., Ltd Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) KFC Vietnam Joint Venture Company Ltd Kimberly-Clark Vietnam LTD Landco Corporation LITE-ON VIETNAM CO., LTD LIXIL Vietnam Corporation Manulife (Vietnam) Limited Marsh Vietnam Ltd. Masan Group Corporation Mega Lifesciences Vietnam METKRAFT LTD. (A Division of Fisher Barton) Microsoft Vietnam Military Commercial Joint Stock Bank MiTek Vietnam Company Limited Mondelez Kinh Do Vietnam Morinaga Nutritional Foods Vietnam Joint Stock Company MSD Vietnam NAB Innovation Centre Vietnam Nabati Viet Nam Company Limited Nam A Commercial Joint Stock Bank (Nam A Bank) NashTech National Citizen Commercial Joint Stock Bank Novartis Vietnam Company Limited Olam Global Agri Vietnam Co., Ltd OPSWAT Ortholite Viet Nam Co., Ltd Petrovietnam Drilling and Well Service Corporation Phu Long Real Estates Corporation Piaggio Vietnam Co., Ltd Pizza 4Ps Corporation Rawlplug Vietnam Company Limited Reckitt Vietnam RMIT University Vietnam Rochdale Spears Co., Ltd RT Holdings Joint Stock Company Sai Gon Thuong Tin Commercial Joint Stock Bank Saigon – Hanoi Securities Joint Stock Company Saigon-Hanoi Commercial Joint Stock Bank Samsung Vina Electronics Sandoz Vietnam Co., Ltd. SHBank Finance Company Limited (SHBFinance) Shell Vietnam Limited Shinhan Life Insurance Vietnam Limited Liability Company Shiseido Cosmetics VietNam Co., Ltd. Spartronics Vietnam Sun Group Suntory PepsiCo Vietnam Beverage Co., Ltd Swarovski Manufacturing Vietnam LLC T&T Group Joint Stock Company Tasco Joint Stock Company Techtronic Industries Vietnam Manufacturing Company Limited The Eastern Medical Equipment Company Limited Trusting Social TV Trade Promotion Pharmaceutical and Investment Company Limited (TV TPI CO., LTD) United International Pharma Co., Ltd. United Overseas Bank (Vietnam) Limited Vard Vung Tau Ltd Viet Dragon Securities Corporation VietJet Aviation Joint Stock Company Vietnam Soya Product Company – Branch Of Quang Ngai Sugar JSC Vietnam Technological and Commercial Joint Stock Bank (Techcombank) Vinataba – Philip Morris Ltd., Ho Chi Minh City Branch Vinmec Healthcare System Virtuos VitaDairy Vietnam Joint Stock Company Westlake Compounds Vietnam Company Limited Wink Hotels Management Vietnam Company Limited Yody Fashion Joint Stock Company Yuanta Securities Vietnam Limited Company WINNERS OF HR ASIA DIVERSITY, EQUITY & INCLUSION AWARDS 2024 AEON Vietnam Company Limited Amway Vietnam Co., Ltd AZB Joint Stock Company Bac A Commercial Joint Stock Bank Coach Vietnam Company Limited Coca-Cola Beverages Vietnam Far Eastern Polytex (Viet Nam) Limited FWD Vietnam Life Insurance Company Limited Gameloft Vietnam Gap Inc. GroupM Vietnam Home Credit Vietnam IGC Group Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) Masan Group Corporation MSD Vietnam Novartis Vietnam Company Limited Olam Global Agri Vietnam Co., Ltd Suntory PepsiCo Vietnam Beverage Co., Ltd United Overseas Bank (Vietnam) Limited VitaDairy Vietnam Joint Stock Company Yody Fashion Joint Stock Company WINNERS OF HR ASIA SUSTAINABLE WORKPLACE AWARDS 2024 Bac A Commercial Joint Stock Bank CIMB Bank Vietnam Coach Vietnam Company Limited Coca-Cola Beverages Vietnam FedEx Express Vietnam FWD Vietnam Life Insurance Company Limited GeoComply Ho Chi Minh City Development Joint Stock Commercial Bank Johnson & Johnson (Vietnam) Co., Ltd Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) Masan Group Corporation Military Commercial Joint Stock Bank Novartis Vietnam Company Limited Suntory PepsiCo Vietnam Beverage Co., Ltd United Overseas Bank (Vietnam) Limited WINNERS OF HR ASIA MOST CARING COMPANY AWARDS 2024 AIA (Vietnam) Life Insurance Company Limited Amway Vietnam Co., Ltd Bac A Commercial Joint Stock Bank BaoViet Life Corporation Beiersdorf Vietnam Chubb Life Insurance Vietnam Company Limited Coach Vietnam Company Limited DKSH Vietnam FWD Vietnam Life Insurance Company Limited GELEX Group Joint Stock Company Home Credit Vietnam Huawei Technologies (Vietnam) Co., Ltd Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) Nam A Commercial Joint Stock Bank (Nam A Bank) Novartis Vietnam Company Limited RMIT University Vietnam Sai Gon Thuong Tin Commercial Joint Stock Bank Saigon – Hanoi Securities Joint Stock Company Shinhan Life Insurance Vietnam Limited Liability Company Suntory PepsiCo Vietnam Beverage Co., Ltd United Overseas Bank (Vietnam) Limited Vinmec Healthcare System About BUSINESS MEDIA INTERNATIONAL Business Media International is a subsidiary of Audience Analytics Limited (1AZ.SG), a regional leader in promoting growth for companies in Asia through data-driven brands and initiatives. We own renowned media brands such as SME Magazine, HR Asia, Capital Asia, Energy Asia, Logistics Asia, TruthTV, and CXP Asia as well as business impact assessment brands such as SME100, HR Asia Best Companies to Work for in Asia, Golden Bull Awards and CXP Asia Best Customer Experience Awards. We organise various exhibitions and have the proprietary software-as-a-service — Total Engagement Assessment Model – in our portfolio. Adrian ChengMarketing ManagerBusiness Media InternationalMobile No.: 012-2692701Email: adrian@businessmedia.asia
HONG KONG SAR - Media OutReach Newswire - 23 August 2024 - Southco Asia Ltd., a subsidiary of Southco Inc., a leading global provider of engineered access solutions such as locks, latches, captive fasteners, electronic access solutions, and hinges/positioning technology, has introduced a new line of compression latches that have been optimized to provide a simple and affordable solution for enclosure applications that require basic compression. The E9 Quarter-Turn Compression Latch combines the proven 90-degree actuation of Southco's E5 Cam Latch series with light compression to fit a wide range of industry applications, including Bus, Rail and Industrial Machinery. E9 Quarter-Turn Compression Latch The E9 Quarter-Turn Compression Latch facilitates the upgrade from cam latching to compression latching for applications where the full compression strength of Southco's E3 VISE ACTION® series is not required. With simple 90 degree actuation, the E9 Quarter-Turn Compression Latch rotates the cam behind the frame to secure the panel. The E9 Quarter-Turn Compression Latch series is available in clockwise and counterclockwise versions, and with fixed or adjustable grip lengths that enable engineers to choose the right solution for their application. Designed with fewer internal components, the E9 Quarter-Turn Compression Latch facilitates hardware upgrades and saves assembly time. Available with 13 different head styles and three different cam styles (standard, protected and roller cam) the E9 is highly customizable to unique application requirements. The highly durable latch meets IP66/IP67 (intrusion protection) ratings for dust and water ingress and is tested to last 10,000 cycles, making it a reliable choice for demanding environments. Commercial Product Manager Jonathan Coulter adds, "The new E9 Quarter-Turn Compression Latch delivers an affordable alternative for panel closure upgrades, offering compression without high costs or complicated engineering." For more information about the functionality of E9 Compression Latches, please visit southco.com/E9-Quarter-Turn-Compression-Latch or email the 24/7 customer service department at info@southco.com. Hashtag: #southco #compression #latchingsolutions #enclosureThe issuer is solely responsible for the content of this announcement.SouthcoSouthco, Inc. is the leading global designer and manufacturer of engineered access solutions. From quality and performance to aesthetics and ergonomics, we understand that first impressions are lasting impressions in product design. For over 70 years, Southco has helped the world's most recognized brands create value for their customers with innovative access solutions designed to enhance the touch points of their products in transportation and industrial applications, medical equipment, data centers and more. With unrivalled engineering resources, innovative products and a dedicated global team, Southco delivers the broadest portfolio of premium access solutions available to equipment designers throughout the world.
Today, Getinge announces an agreement to acquire 100% of Paragonix Technologies, Inc., a leading organ transport products and services company in the United States for an aggregated purchase price, including upfront and earn out payments, estimated to approximately USD 477 million. GOTHENBURG, Sweden, Aug. 23, 2024 /PRNewswire/ -- With the acquisition of Paragonix Technologies – a pioneer and innovator in organ transport and preservation – Getinge marks its entry into a rapidly advancing field driven by rising transplant volumes, technological innovations and evolving clinical practices. The acquisition aligns with Getinge's broader strategy to expand its portfolio into high growth markets that complement and enhance its acute heart and lung support offering already being used in connection with transplantation, positioning the company at the forefront of the fast-growing organ preservation and transportation market. "We are excited to enter the organ preservation and transportation market which is rapidly evolving, driven by a global shortage of organs and the pressing need to increase transplantation volume. Teaming up with Paragonix Technologies' talented team and proven technology is not just a strategic fit for Getinge, it is a catalyst to redefine the market standard, especially considering our expertise in the acute heart and lung support segment and our existing global sales network", says Elin Frostehav, President Acute Care Therapies at Getinge. Founded in 2010, Paragonix Technologies is a privately held company headquartered in Waltham, Massachusetts, USA, and employs approximately 100 people. In 2023, Paragonix Technologies reported revenues of USD 43.1 million, representing an impressive 136% growth over prior year. Close to 100% of its sales are generated from the US market. The global organ preservation and transportation market is expected to continue to sustain rapid growth. In the US, reforms initiated in 2019 are transforming the transplantation system, driving further improvements in organ transplantation. Additionally, the utilization of organs from previously underutilized donor pools is expanding overall transplant volumes. With over 100,000 patients on the organ waiting list in the US alone, and alongside ongoing technological advancements, the US and EU combined total organ transplant market is expected to exceed USD 10 billion by 2033, continuing its double-digit growth trajectory. The US remains the largest and most homogeneous market. "We are thrilled to join forces with Getinge", says Dr. Lisa Anderson, CEO and President of Paragonix Technologies. "Our product portfolio, transplant services, and robust clinical data position us as an industry leader. Together, we look forward to making a broad clinical impact, improving patient care, and launching new innovations in transplantation and end-stage organ failure. With Getinge's global sales footprint, we can now extend our technologies and solutions to underserved patient populations worldwide." The acquisition enables Getinge to provide innovative solutions across the entire transplant workflow, complementing and synergizing with existing pre- and post-transplant patient support products in the acute heart & lung support segment while also venturing into the adjacent kidney, liver, and pancreas markets. "This strategic move positions us to innovate within the transplant space, and ultimately, confirms our purpose to make life-saving solutions accessible for more people and our objective to double the lives saved. We look forward to an exciting future where we continue to make a difference together with our new colleagues at Paragonix Technologies," Elin Frostehav concludes. The aggregated upfront purchase price and currently expected additional earnout payments in 2024-2026 are approximately USD 477 million, on a cash and debt free basis, for all issued and outstanding shares, of which USD 253 million is payable in cash on closing. The earn-out payments are expected to be paid between 2024 and 2026 if agreed upon regulatory and financial performance milestones are achieved and may exceed USD 277 million in aggregate. Getinge anticipates a positive contribution on adjusted earnings per share starting in 2028. The initial payout related to the acquisition will be financed through a bridge loan provided by SEB. The acquisition is expected to have a slightly negative impact on Getinge's adjusted earnings per share in 2024. The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has elapsed. The closing is expected to take place late Q3 or early Q4 2024, subject to customary closing conditions. The deal logic in brief: The total market for transplants has been growing rapidly in recent years and is expected to continue to grow double digit and exceed USD 10 billion in 2033. Growth is driven by volume increase due to demand and the transition from traditional methods (ice) towards new technologies as the average cost of transplant cases increases. This trend is already established for the Heart and Lung segments, and similar development is expected for the Abdominal segment. Paragonix Technologies outgrows the market significantly (136% growth in 2023) – seizing a substantial market share. Paragonix Technologies has a strong offering targeting the Heart and Lung segments, for example enabling >50% reduction of severe complications and 43% reduction in 2-year mortality compared to traditional heart transport and preservation solutions. Paragonix Technologies has recently launched attractive offerings targeting the Abdominal segment and has a strong pipeline of additional products. The company also has a strong portfolio of digital solutions and services. Untapped global potential – close to 100% of Paragonix Technologies' sales is in the US. Getinge and Paragonix can capture global demand growth together, supported by Getinge's global commercial infrastructure. Combining Paragonix Technologies' leading offering and pipeline with Getinge's expertise and offering in the acute heart and lung support, digital technology and services creates a very attractive offering as of today. The deal also enables the development of attractive combined offerings for the future – strengthening the leading position further. Investor Relations:Lars Mattson, SVP Corporate Development (Corporate Strategy | M&A | Investor Relations)Phone: +46 (0)10 335 0043Email: lars.mattsson@getinge.com Media contact: Caroline Örmgård, Head of Public & Media RelationsPhone: +46 (0)10 335 0041Email: caroline.ormgard@getinge.com This information is such that Getinge AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on August 22, 2024 at 22.23 CEST. About GetingeWith a firm belief that every person and community should have access to the best possible care, Getinge provides hospitals and life science institutions with products and solutions aiming to improve clinical results and optimize workflows. The offering includes products and solutions for intensive care, cardiovascular procedures, operating rooms, sterile processing and life science. Getinge employs approximately 12,000 people worldwide and the products are sold in more than 135 countries. About Paragonix TechnologiesParagonix Technologies is a leading developer, manufacturer, and service provider in the organ transplant industry, establishing a novel approach to preservation that represents a significant improvement over the traditional standard of care. Paragonix Advanced Organ Preservation devices combine clinically-proven, stable cooling techniques with digital tracking and monitoring technologies to provide clinicians complete control and oversight throughout the donor organ journey. The clinical impact of Paragonix preservation technology is reinforced by the GUARDIAN clinical registries, the largest database of organ preservation data in the world that analyzes post-transplant outcomes in transplant recipients.Find out more about Paragonix Technologies >> This information was brought to you by Cision http://news.cision.com https://news.cision.com/getinge/r/getinge-to-acquire-paragonix-technologies--a-growth-leader-in-the-organ-transplantation-market,c4027716 The following files are available for download: https://mb.cision.com/Main/942/4027716/2958826.pdf Press release - Getinge to acquire Paragonix Technologies https://news.cision.com/getinge/i/paragonix-1200x628,c3326659 Paragonix 1200x628
Ubie has taken the lead in implementing a new standard of measurement to evaluate health and economic impact for global digital health startups The framework uses the pharmaceutical industry's standard of Quality-Adjusted Life Years (QALY) to provide a widely-accepted and transparent impact measurement Preliminary results support the ability of Ubie's AI Symptom Checker to deliver early intervention for patients through differential diagnoses to improve outcomes NEW YORK, Aug. 22, 2024 /PRNewswire/ -- Ubie, a global healthcare AI platform that enhances the intersection of patients, providers, and life sciences, today unveiled a comprehensive logic model and social impact framework designed to measure and disclose the health and economic outcomes generated by digital health innovation. A preliminary assessment of over 1.5 million Ubie users showed that Ubie's AI Symptom Checker platform contributed patient quality-adjusted life years (QALY) by an estimated 27,000 years (from 2021 to 2024), and created approximately $1 billion in economic value. Historically, the digital health startup landscape has been limited in its ability to measure the social impact of products and platforms, aside from sales numbers. Measurement rules and definitions are ambiguous, providing little insight for health systems, health companies and pharmaceutical partners. Ubie approached the framework with the aim of contributing and building on reliable and widely understood methods for measuring social impact, as well as to ensure the company's continued work aligned with its vision. With a lack of practical examples of this theory in practice, Ubie is helping to define a new standard of how to measure and manage impact, mainly based on teamwork developed by the Value Balancing Alliance (VBA), and identify meaningful indicators to translate social impact. The framework adopts the industry-standard QALY metric, combining a person's length of life with their quality of life, to evaluate the effectiveness of medical treatments and health outcomes. The economic value was calculated by estimating the sum of health outcomes contributed to patient lifetime value (LTV) and converted to monetary value based on the VBA's Health Cluster Social Impact of Innovative Medicine methodology. This ensures that outcomes are universally understandable and accepted. "Developing a system where we can implement a social impact indicators framework ties directly to our vision of creating a world where quality health is accessible to everyone. Our ability to gather both qualitative and quantitative data is how Ubie can assess its impact on patients and their journey through the healthcare system," said Kota Kubo, Ubie Co-Founder and Co-CEO. "Ubie's framework is aligned with industry best practices and designed to be used by all digital health startups who are looking for ways to measure and demonstrate their value, while continuously progressing the guidelines in order to best disclose impact." The impact measurement and management (IMM) approach used by Ubie addresses key social issues such as the misalignment between patients and appropriate medical care and the optimization of medical resource allocation. To conduct the assessment, Ubie formulated seven key performance indicators (KPIs) and two key goal indicators (KGIs) that are strongly connected to the Ubie's mission of guiding people to appropriate medical care through technology. KPIs included monthly active users, number of registered users, number of medical institution visits, number of confirmed diagnoses at time of consultation, number of treatments initiated at first consultation, evidence acquisition for behavior change and the overall contribution of the Ubie platform. KGIs included the increment of quality adjusted life years and health economic analysis, work productivity and activity impairment (WPAI). Ubie also leveraged its database, existing medical publications and expert interviews to estimate the social impact created in collaboration with stakeholders, such as pharmaceutical companies and health care providers. The assessment focused on the 11 diseases and 18 treatment areas, including those with the highest disease burden and rare diseases. These outputs were measured using the following indicators: number of confirmed diagnoses at the time of the visit for Ubie users, estimated based on users' questionnaires; the treatment selection rate, estimated from various epidemiological evidence and expert interviews; the health outcome QALY expectation generated by the treatment, based on evidence from the health economics field; and the monetary value of QALY, looking at estimated direct paid effects. The analysis was run using data from July 2021 to January 2024. It was conducted in Japan, which ranks among the top in the world for both average life expectancy and healthy life expectancy. It is estimated that approximately one-sixth of a person's life in Japan is impaired by illness. While the findings are promising, Ubie acknowledges that the estimated impact should be viewed as a reference point and emphasizes the evolving nature of impact measurement. The company is dedicated to continuous improvement and transparency, actively addressing potential limitations and refining its methodology. Future research priorities include: Comparing QALY with alternative measures of healthy life expectancy, such as the Sullivan method, to provide a more comprehensive view of impact. Isolating the specific impact attributable to Ubie's platform within the broader healthcare ecosystem, recognizing the contributions of pharmaceutical companies, healthcare providers, and other stakeholders. Accounting for potential data variations, including user demographics, disease selection, and the use of local QALY data, to ensure the robustness and generalizability of findings. Ubie believes that robust impact measurement is crucial for driving progress in digital health. The company encourages industry-wide adoption of transparent and rigorous assessment practices. By working collaboratively and embracing methodological advancements, the digital health sector can unlock its full potential and create a healthier future for all. About Ubie Founded in 2017, Ubie empowers individuals and healthcare professionals with the tools they need for better care. Leveraging cutting-edge disease prediction AI, Ubie guides 10+ million patients every month to seek appropriate medical attention through its free online Symptom Checker, and equips 1,500+ provider organizations with clinical tools that streamline workflows and support better diagnoses and health outcomes. Trained on medical data, Ubie's marketing solutions power advanced targeting capabilities and high-performing digital campaigns for 70% of the world's top life science companies. Learn more about our vision and work at https://ubiehealth.com/company or try our free Symptom Checker at https://ubiehealth.com/.
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